Deal includes warrant coverage, exercisable at $1.60 for five years
By Devika Patel
Knoxville, Tenn., Jan. 7 – Medite Cancer Diagnostics Inc. completed a $500,000 private placement of 8% secured promissory notes with seven investors on Dec. 31, according to an 8-K filed Thursday with the Securities and Exchange Commission. TriPoint Global Equities, LLC was the agent.
The note is due in three months.
Investors also received warrants for 250,000 common shares. Each of the warrants is exercisable at $1.60 for five years. The strike price is a 52.38% premium to the Dec. 30 closing share price of $1.05.
The biotechnology company is based in Orlando, Fla.
| Issuer: | Medite Cancer Diagnostics Inc.
|
| Issue: | Secured promissory note
|
| Amount: | $500,000
|
| Maturity: | Three months
|
| Coupon: | 8%
|
| Warrants: | For 250,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.60
|
| Agent: | TriPoint Global Equities, LLC
|
| Settlement date: | Dec. 31
|
| Stock symbol: | OTCBB: MDIT
|
| Stock price: | $1.05 at close on Dec. 30
|
| Market capitalization: | $24 million
|
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